The USD/CAD pair gained during most of the session on Monday, but as you can see on the chart found far too much resistance of the 1.02 level in order to continue going higher. In fact, by the end of the session we managed to form a shooting star, which of course looks very bearish. Below that, we have the 1.01 level that looks very supportive; it appears that we are going to be bouncing around between these two levels in the near-term. With that being said, we are not trading this pair until we get a breakout above the 1.02 level, at which point time we would be buying – or a break down below the 1.01 level which would have us selling.
Written by FX Empire